Treasurer Tim Nicholls speaking to the media in the Brusbane. Photo: Renee Melides

"These are not about sackings, they are about trying to implement our reforms, so we can deliver on our priorities in terms of policy," he said.

He said Labor had been able to save in previous "single years" as much as $375 million.

Advertisement

"These are achievable and we think we can do them," said Pitt.

Labor also plans to raise $255 million over four years by deferring plans by the LNP to increase Queensland's $1.1 million payroll tax threshold.

It will also save $27 million over four years by reducing the number of ministers from 19 to 14.

Overall, Labor's six-page document show it can save $1.7 billion over four years.

Under questioning Mr Pitt admitted Labor had not modelled the impact of delaying the increase on the threshold to small businesses, but pointed out that the LNP had also deferred the decision to lift the payroll tax threshold.

Business today pay 4.75 per cent of their total wages bill to government once their wage bill reaches $1.1 billion.

Labor has made only modest promises during the election campaign and has not laid out an extensive infrastructure program, which the LNP has done.

Opposition Leader Annastacia Palaszczuk has laid out infrastructure promises of only $528 million, including $100 million for Townsville's new stadium, and new mental health facilities, while concentrating instead on providing an extra 420 nurses, 875 teachers and 4000 graduate nurses.

Alternatively, the LNP has set aside $8.6 billion in infrastructure projects; based on an estimate within its financial costings that the LNP would receive $37 billion in receipts from leasing 12 per cent of state-owned ports, water companies and electricity generators.

Mr Pitt said Labor "was not over-promising and under-delivering."

He questioned the $1.3 billion "discovered" recently by the LNP after handing down its financial costings earlier this week.

"Labor has identified savings, without the reliance on the $1.3 billion 'hollow log', that has been allocated in the budget that the Newman Government is using to fund some of its election promises," he said.

Mr Pitt said Labor would ask Queensland Treasury to investigate this funding.

"Labor will commission Queensland Treasury to prepare a full review of the state's finances, and we will investigate the availability of these funds as part of this review," he said.

"Any un-allocated funding will be quarantined and used for other priorities, including debt repayment."

"At the moment we have not allocated that money through these costings. It would be additional money to what we have looked at."

Mr Pitt disputed Treasurer Tim Nicholls' view that two-thirds of revenue from government-owned corporations up to 2018-19 was already allocated to paying debt and could not be "used twice" by Labor.

"This funding is not already allocated as the Treasurer would have Queenslanders believe; his talk of a black hole is bogus," he said.

Labor promises to pay $5.4 billion from Queensland's $80 billion debt over six years and $12 billion over 10 years, Mr Pitt said.

"That is without the need for asset sales."

Treasurer Tim Nicholls firstly criticised Opposition Leader Annastacia Palaszczuk for not knowing the GST rate, a gaffe Ms Plaszczuk concedes she made because she thought the radio hosts were asking what it was to be changed to.

"We have seen an Opposition Leader who can't even tell you what the rate of GST is, a rate that is unchanged for 15 years, that has been the subject of much debate and that every other Queenslander knows is 10 per cent," Mr Nicholls said.

He criticised Labor's plans to defer the payroll tax threshold increase, saying it would hurt small businesses.

"They are taking an axe to programs that actually create jobs by abandoning the LNP's pledge to increase the payroll threshold. They will be affecting 8000 small businesses who otherwise would be seeing savings in their payroll tax," he said.

"They would take an axe to the Trade and Investment Queensland program supporting 6500 Queensland exporters, exporting Queensland products to the world and employing Queenslanders."

Labor plans to reduce Trade and Investment Queensland's budget by $12 million over three years.

Accounting firm Moore Stephens from Eagle Street in Brisbane signed off on Labor's election costing which were released Thursday afternoon.

The LNP's costing were costed by Queensland Treasury before the election was called, an LNP spokesman said.